Thursday, May 24, 2012
Facebook IPO: Morgan Stanley to reimburse investors ripped off by Facebook trades... as embattled social network may switch to New York Stock Exchange over bungled IPO | Mail Online - Amid a flurry of lawsuits over Facebook's initial public offering, the company’s top underwriter says it's prepared to pay back investors who were burned when they bought shares. Morgan Stanley announced in a memo on Wednesday that it is reviewing Facebook trades and would adjust prices for some retail customers who overpaid. The IPO mishaps have sparked numerous lawsuits against Morgan Stanley, the Nasdaq stock exchange and Facebook itself by shareholders who claimed they hid the social networking company's weakened growth forecasts just before it went public, The allegations raised questions about whether top investors profited at the expense of smaller buyers.
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